Industry at a glance
OPEC crude production rose to 32.74 MMbpd in August, the highest level this year, as an increase of 310,000 bopd in Libya helped offset a 240,000-bopd reduction in Iranian output (Bloomberg). Although sanctions don’t take effect until November, Iran is losing market share, as the U.S. imposes penalties on buyers. Russia upped its production to 11.21 MMbopd in August, while Saudi Arabia increased output by 20,000 bopd from 10.37 MMbopd a month earlier. The U.S. rig count averaged 1,050 in August, the same as July, despite a build of 167 DUCs in the Permian basin. However, operators working Colorado’s Niobrara play reduced their DUC backlog by 40, down to 432. International activity increased 9.6%, to average 1,201 in July, due mainly to a surge of 67 rigs in Canada.
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)